On my computer, the compiled executable omits executing "mov %2, %%ax" at the top of the loop
when "add %1, %%ax" uncommented.
Anyone to doublecheck or comment ?
#include <stdio.h>
int main() {
short unsigned result, low ,high;
    low  = 0;
    high = 1;
    __asm__ (   
        "movl $10, %%ecx \n\t"
        "loop: mov  %2, %%ax \n\t"
//      "add    %1, %%ax \n\t"      // uncomment and result = 10
        "mov    %%ax, %0     \n\t"
        "subl   $1, %%ecx \n\t"                 
        "jnz loop"                              
        : "=r" (result)
        : "r" (low) , "r" (high)
        : "%ecx" ,"%eax" );        
    printf("%d\n", result);  
    return 0;
}
Follows the assembly generated
movl $1, %esi
xorl %edx, %edx
/APP
movl $10 ,%ecx 
loop: mov %si, %ax 
mov  %dx, %bx 
add %bx, %ax 
mov %ax, %dx     
subl $1, %ecx 
jnz loop  
/NO_APP
Thanks to Jester the solution :
    : "=&r" (result)        // early clober modifier
 
    